Peninsula Land (PLL), the real estate arm of the brand Peninsula incorporated in 1997, is one of the first real estate companies listed on the stock exchange. The company is the subsidiary of Peninsula -- an Ashok Piramal Group company that has emerged as a significant player within a remarkably short span of time. All the real estate developments of Peninsula are carried by this flagship company.

The Ashok Piramal Group, known for its versatile, dynamic entrepreneurship and vision started out in 1934 with a successful textiles venture as The Morarjee Goculdas Spinning & Weaving Co. Established in 1871, it is the oldest textile unit in the country and the fifth company to be listed on the stock exchange.

Peninsula Land is known for its concept-based architectures in the commercial, retail and residential sectors. The company is known for its professional corporate management, international landmarks and value additions. Due to the varied nature of its projects, it possess a thorough knowledge of key issues and challenges of developing properties. Peninsula’s stronghold is visible in Western India -- having established a solid footing in Mumbai, and is now spreading into other parts of India. Peninsula.

The company has introduced a new concept such as ‘Shoppertainment’ at Crossroads and recreational facilities at office complexes in the form of Club Peninsula. Peninsula Land has successfully developed approximately 3 million sq. ft. of real estate and another 20 million sq.ft. are in various stages of planning and development. The weight of Peninsula brand precipitates effective marketing and sales to top-end customers in retail, commercial and residential segments.

The company is among the few to possess a skill set in developing all aspects of real estate, having in-house expertise and capability in project management, developmental consultancy, sales, marketing and facility management. Apart from this, the company has invaluable expertise in marketing and selling space to top-of-the-line retailers including retail outlets, entertainment and restaurants. The residential complexes offer a superior quality of living that is appreciated by senior executives while the commercial and business complexes of the company have been sought by MNCs.

The major projects carried out by the company include Crossroads, CR2, Peninsula Corporate Park, Peninsula Technopark, Peninsula Business Park, Ashok Towers and Ashok Gardens.

Diversifying its domain further, the company is developing three Special Economic Zones in Goa and have been allotted two plots of land spread over 170 acres for the development of Biotechnology SEZs and another 30 acres for the development of a Gems & Jewelry SEZ. These plots have been allotted to the company by the Government of Goa for the development of infrastructure at different locations in Goa.

The company has

• Shopping malls under the Crossroads brand -- Crossroads established itself as a brand of international quality, the first of its kind in the country. A shopping mall that was unlike anything India had seen before, its brand equity lay in its concept of 'shoppertainment'.
• Commercial complexes and IT Parks under the Peninsula brand- A brand known for projects that are the benchmark for competition.
• Luxury residential condominiums under the Ashok brand -- The umbrella brand for residential complexes developed by Peninsula, Ashok has come to be associated with premium, lifestyle homes with world-class amenities.

PLL now owns around 32 million sq.ft of land and has already developed 5.5 million sq.ft in the Mumbai market alone. PLL has also extended its presence in other markets such as Hyderabad, Pune, and Goa.

Peninsula had announced two real estate funds -- a Rs 450 crore domestic fund under the name Indigo and $350 million international fund under the name Paramount

Future plans

• The company is looking forward to becoming a major player in developing the new face of India. It has approximately 20 million sq. ft. under various stages of planning & development. The company’s strategy is to consolidate their presence in key asset classes; Residential projects, Commercial projects, Information Technology Parks, Special Economic Zones and Townships. It is further looking at increasing its presence in key cities in India. Further, PLL is looking to leverage from their experience and maturity in the real estate development business, with Peninsula Realty Fund -- a private equity venture capital fund focused on the Real Estate sector.
• PLL is also forming a joint venture with global investment major Lehman Brothers to set up a Rs 750 crore property investment fund. Lehman will invest Rs 500 crore and hold 75% while Peninsula Land will hold the remaining. The fund will invest in PLL’s upcoming real estate projects.
• Peninsula Land plans to launch 3-4 new residential projects outside Mumbai this year as it sees demand for homes trickle back.

Recent developments

Peninsula Land has inked a property deal worth Rs 1,200 crore with Essar Realty Holdings, the realty arm of the Essar Group, to sell and lease premises at its upcoming IT park named Peninsula Technopark on LBS Marg in Kurla.

Peninsula Land has deferred its plans to build business hotels by at least six months to preserve cash.